I'm more comfortable with cost-plus contracts that can be terminated if the customer buys you out than I would be investing in a company that owned a higher quality "black" coal mine and sold it as a commodity that could be shipped. But reading about the spinoff once the company was trading on its own got me interested in the company, its history, etc. They sit very, very near in some cases, basically on top of the coal deposit that NACoal is working. But it's a risk I'm used to seeing with any sort of business that has big customers. These customers are usually power plants of some kind. It doesn't happen that often.
That fund involves lifetime benefits. And even when that isn't possible, coal power plants and natural gas power plants may be in competition in a local area. So I haven't talked about this before, but that's really why I was looking for an opportunity to sell that part of the Babcock breakup. It's simply that Hamilton Beach is outside my "circle of competence," as Warren Buffett would say. Hamilton Beach is a known "name" brand in the U. Story Continues It's not just spinoffs. Otherwise, there is no commodity risk, macroeconomic risk, etc. You want to be prepared. If a customer terminates, they'll be buying out the mine associated with the contract. So I know the Hawaiian banking market. But it's not the same thing as having a mine you actually own and no demand for your coal. That's actually what you want if you're a value investor who likes a good, predictable business. I was able to confirm this to my satisfaction by going online and getting satellite images of NACoal's five biggest mines. That "at a good price" part is why you look at spinoffs. I once owned stock in an aggregate company called Florida Rock it was acquired by Vulcan Materials , and I did a lot of research on U. It has obligations related to its former coal mining operations. For this reason, it's not something you ship far. It'll be too late to buy the stock at that point. I've had two good experiences with spinoffs: This isn't because Hamilton Beach is a bad brand or will be a bad stock when it trades on its own. A nuclear power plant - once construction is complete this phrase is key - is going be a lower ongoing cost way of producing electricity than either coal or natural gas. Navy submarines and aircraft carriers. I know next to nothing about those businesses. If the plants they sell to demand less coal, the mines make less money. They sit very, very near in some cases, basically on top of the coal deposit that NACoal is working.
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